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This document is listed as required because either you indicated on your HLS Main Online Institutional Application that your parent/mother/father household had ownership in a business partnership OR when we reviewed your parent/mother/father Federal Form 1040 we saw a business partnership listed on their schedule E. If you feel this document is listed in error, please contact our office.
If you are applying for HLS need-based grant assistance and your parents own or have a percentage of ownership in a business partnership, then you are required to submit all corresponding Federal business tax documentation to HLS Student Financial Services. Understanding the financial circumstances of businesses is a critical component of our ability to make accurate, complete and fair determinations of need-based aid eligibility to our students. We recognize that we require a lot of detailed information from families who are involved in businesses. It is often an involved process for us to build a fair and complete picture of your business/farm activity. This process usually requires a lot of back and forth between our staff and parents as we review data and need to ask frequent follow up questions to make sure we are processing the information we are reviewing correctly. Past experience has shown us that no two businesses are the same and there are few universals that can be applied to all businesses uniformly. Our primary goals through this process are twofold:
HLS requires business data from both biological parents and from step-parents if a biological parent has remarried. If the business/farm in question is the primary activity of the step-parent, we will not use the income generated from this business/farm in the determination of your eligibility for need based aid since we do not include step-parents' income in our analysis. However we still need to collect tax data on these businesses because we do factor the net worth of all parental assets including the net worth of any business/farm into our determination of your eligibility for aid. For biological parents that have remarried we compile total net worth and then divide it in half to remove the 50% that belongs to the step-parent from our eligibility calculation.
Although generally not automatically required, should a student be selected to participate in either the Federal Verification process or our internal Institutional Verification process, we may require the STUDENT, themselves, to submit information about any Partnerships in which they, themselves, might have an interest. Should this situation arise, we will notify the student via email of this requirement.
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